Following the publication of the Finance Bill 2015 on 22nd October, the IoD made a submission to the Department of Finance regarding the provision for income tax exemption on travel expenses for non-resident non-executive directors in respect of attendance at board meetings. This submission follows on from the IoD’s participation in a consultation process with the Department of Finance relating to travel expenses in August 2015.
The IoD very much welcomes the inclusion of a provision for exemption of income tax on travel expenses for non-resident non-executive directors in the Finance Bill 2015, but are concerned about the inequities created by the restrictiveness of its application to non-resident non-executive directors only, and the serious anomalies that such a restriction will create for indigenous Irish business and Ireland’s entrepreneurial culture.
